July 27 (Reuters) - Torstar Corp TSb.TO
* Board of directors announced that it intends to reduce dividend to 10 cents per share annually effective Q3 of 2016
* Qtrly operating revenue $177.9 million versus $206.3 million
* Restructuring charges through end of Q2 reflect reduction of about 425 positions, expected to result in annualized net savings of $22.8 million
* Subscriber revenues declined moderately in first six months of 2016 and trend is expected to continue in balance of year
* Torstar corporation reports second quarter results
* Q2 adjusted loss per share C$0.13
* Q2 loss per share C$0.30 from continuing operations
* Intends to reduce dividend to 10 cents per share annually effective Q3 of 2016
* Q2 earnings per share view C$-0.20, revenue view C$192.0 million -- Thomson Reuters I/B/E/S
* Torstar corp qtrly operating revenue $177.9 million versus $206.3 million
* Net savings related to restructuring initiatives undertaken through end of Q2 of 2016 are expected to be $16.5 million in balance of 2016
* Currently expect that flyer distribution revenues will experience moderate declines in balance of 2016
* Excluding impact of closure of olive media, metroland media group and star media group digital revenue expected to grow in balance of 2016
* Net savings related to restructuring initiatives undertaken through end of Q2 of 2016 are expected to be $16.5 million in balance of 2016 Source text for Eikon: ID:nMKWmL7sVa Further company coverage: TSb.TO